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The FxPro Analyst Team

FxPro Forex Analysis: Silver and EURAUD Analysis – February 23, 2018

Silver has been trading in a triangle pattern on the daily timeframe, which has pinched price into a tighter range between 17.500 and 16.200. Price has dropped to the bottom half of this range below the moving averages. The market is now building energy while it remains undecided on what direction follow. Support can be seen at 16.308 and the triangle bottom at 16.200, with a drop lower targeting support at 16.000 and 15.611, which was used as the December 2017 lows. Resistance above the ...

The FxPro Analyst Team

FxPro Forex Analysis: BTCUSD and LTCUSD Analysis – February 23, 2018

Cryptocurrencies continued their recovery from deep losses experienced over the last month but have seen a retracement over recent sessions. The positive sentiment has been helped by new developments in South Korea, where the regulator changed its tough stance on cryptocurrency trade and indicated that they plan to normalize the virtual coin business in a self-regulatory environment. However, this week Bank of England Governor Mark Carney was the latest official to denounce Bitcoin, saying it ...

The FxPro Analyst Team

FxPro Forex Analysis: US Secretary of Defence Supports Commerce Department on Steel

The US Secretary of Defence says he supports the Commerce Department’s actions on steel and aluminium trade. He also said that targeted tariffs are preferable to a global quota or a global tariff. This would impact EU based steel companies as well as those based in China. French Consumer Price Index (EU norm) (YoY) (Feb) came in as expected, unchanged at 1.5%. German IFO – Current Assessment (Feb) was 126.3 v an expected 127.0, from 127.7 previously, which was revised up to 127.8. IFO – ...

The FxPro Analyst Team

FxPro Forex Analysis: NZDUSD and GBPNZD Analysis – February 22, 2018

The New Zealand Dollar has been strengthening on improving inflation expectations, as reported in a recent Reserve Bank of New Zealand (RBNZ) survey. Earlier this week, a government-commissioned report on the economic impact of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) estimated the economy would grow between 0.3 percent and 1 percent, with exporters having better access to new markets such as Japan, Canada and Mexico. However, the major market moving event on the ...

The FxPro Analyst Team

FxPro Forex Analysis: US30 and GBPUSD Analysis – February 22, 2018

The reaction to the FOMC Minutes in the US30 index was to initially rally on the positive tones coming from the Fed. However, as we have seen recently, fears about inflation took hold, sending the price tumbling lower through strong support around 25000.00 and 24876.70. The low created so far is 24589.00. A break lower to the 24500.00 level can still be regarded as constructive for bulls but should this level be breached there is a danger that the higher low formed on the 14th of February at ...

The FxPro Analyst Team

FxPro Forex Analysis: US Yields Higher Post FOMC Minutes, Stocks Drop, USD Strengthens

German Markit Manufacturing PMI (Feb) was 60.3 v an expected 60.6, from 61.1 previously. Markit Services PMI (Feb) was 55.3 v an expected 57.0, from 57.3 previously. Markit PMI Composite (Feb) was 57.4 v an expected 58.5, from 59.0 prior. EURUSD moved lower from 1.23318 to 1.23168 following this data release. Eurozone Markit Manufacturing PMI (Feb) was 58.5 v an expected 59.3, from 59.6 previously. Markit Services PMI (Feb) was 56.7 v an expected 57.6, from 58.0 previously. Markit PMI ...

The FxPro Analyst Team

FxPro Forex Analysis: UK Brent Oil and USDCAD Analysis – February 21, 2018

Crude Oil prices fell on Wednesday, with losses in both U.S WTI and U.K. Brent, as the market awaits inventory data. Energy Information Administration (EIA) data last week showed U.S. inventories rising by 1.8 million barrels, which was smaller than expected. The American Petroleum Institute (API) will release its forecast on U.S. crude inventory on Wednesday, followed by official supply data from the (EIA) on Thursday. UK Brent Oil In the daily timeframe, Brent had a sharp decline from the ...

The FxPro Analyst Team

FxPro Forex Analysis: AUDUSD and EURGBP Analysis – February 21, 2018

The AUDUSD pair had tried to build a base of support around the 0.78900 level after price moved above this area on the 14th of February. However, the level was breached from above yesterday and, after a protracted battle that saw the 4-hour moving averages used as resistance, the price dropped under the 0.78690 support level and is currently trading around 0.78566. Support can now be seen at 0.78430 and 0.78241. The falling channel bottom comes in at 0.78170, with the 0.78025 level below. ...

The FxPro Analyst Team

FxPro Forex Analysis: Jobs Report for UK, PMIs for Europe and US, Along with FOMC Minutes

There is a busy day of Economic Data ahead, starting with PMIs for European countries and the Eurozone as a whole. PMI Data across the Euro block has been improving but the consensus is for a slight drop in figures today. The UK Jobs data then follows, with most data points expected to be in line with expectations. However, Claimant Count Change is expected to be lower, and while this data is volatile at the best of times, the January number is particularly so as seasonal workers are released ...